RIYADH — Saudi Minister of Investment Eng. Khalid Al-Falih emphasized that his country is striving to become an attractive destination for global capital. Addressing a Saudi-Swiss round table meeting in Riyadh on Monday, he highlighted the Kingdom's measures to strengthen its position as a global logistical, financial and industrial center. Those who addressed the meeting also included Guy Bernard Parmelin, Swiss Federal Councillor and head of the Department of Economic Affairs, Education and Research and Saudi Minister of Industry and Mineral Resources Eng. Bandar Alkhorayef. Al-Falih revealed the cooperation with a Swiss fund to launch financing for investment in the debt market amounting to billions of euros in the areas of zero emissions, in addition to cooperation in the field of the insurance industry, anticipating significant growth during the coming period. Al-Falih said that the Saudi investment plan also includes maximizing the infrastructure sector in light of the rise of mega projects, pointing to more than $3.3 trillion, most of which will be directed to translating work contracts in the field of airports and factories, as well as buildings, ports, roads and green energy networks. The minister estimated that $1.8 trillion will be financed by investors through bids that will be offered over the next few years to attract the largest number of global investment destinations from Switzerland and other countries, to be pumped into major projects in the country with the highest quality standards. Al-Falih said that Saudi Arabia and Switzerland enjoy strong economic partnerships and deep-rooted bilateral relations that will reach 100 years old within three years by 2027. "Saudi Vision 2030 is working to accumulate new investments," he said while noting that the Kingdom targets an investment volume of $3.3 trillion by 2030. In his address, Alkhorayef said that there are great opportunities in the future in terms of cooperation with Swiss sectors. He noted that the Kingdom is considered an important economic bridge between the Middle East and Africa region and neighboring countries, which provides the greatest opportunity to utilize cooperation with Switzerland to maximize the desired results. "We seek to contribute to the diversification of the economy, through 12 branches of industries, divided into three groups. The first group includes sustaining flexibility and enhancing national security, food, defense and water, while the second group includes maximizing natural resources such as oil, gas, minerals, petrochemicals, infrastructure and electricity while the third group includes future industries such as space, renewable energy, and electricity industries," he pointed out.
